logo-loader
viewGenex Power Ltd

Genex Power through to final stage solar funding round

au_solar_panels350_5696cc4f2a0b6.jpg

Genex Power (ASX:GNX) is through to the final stage of funding for the Australian Renewable Energy Agency's large scale solar photovoltaics funding round.

Genex can now submit a full application to ARENA for the first 50MW phase of the company’s 150MW large-scale Kidston Solar project in north Queensland.

Genex is looking to develop its Kidston hydro pumped storage power generation project and has already received a a commitment from AREAN to provide $4 million of funding support for the pumped storage hydro project.

Pumped hydro storage can provide a cost-effective alternative to large-scale battery storage and concentrating solar thermal storage.

That funding is by way of unlisted convertible redeemable notes of up to $4 million, to be issued in tranched payments to Genex with a zero coupon and can be converted intto Genex shares at $0.20 each.

With an objective of being “shovel ready” for the Kidston solar project in 1H 2016, today's news that Genex can submit a full application and through to the final stage of a very competitive solar funding process is timely.


Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

Quick facts: Genex Power Ltd

Price: 0.215 AUD

ASX:GNX
Market: ASX
Market Cap: $86.4 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Protech Home Medical has a full treasury as they look for rapid growth in...

Protech Home Medical (CVE: PTQ- OTCQX: PTQQF) CEO Greg Crawford joined Steve Darling from Proactive to discuss the home medical equipment industry company. That company provides devices like ventilators and oxygen concentrators. Crawford told Proactive the company just completed a large...

1 day, 12 hours ago

2 min read